Buying a S$1.5 million condo in Singapore requires roughly S$430,000–S$480,000 in upfront cash and CPF once you account for the 25% minimum downpayment, Buyer's Stamp Duty, legal fees, and moving costs (as of 2026-06). This guide itemises every cost line by line so you can budget with precision before signing the Option to Purchase.
Most buyers focus on the purchase price. The bank approves a loan, they do the maths on monthly instalments, and they consider themselves prepared. Then the Option to Purchase arrives and the conveyancing lawyer sends a list of fees that nobody mentioned — BSD, ABSD, option exercise fees, legal disbursements, stamp duty on the mortgage, fire insurance, MCST top-up, and a renovation quote that alone exceeds one year of mortgage payments. The gap between the sticker price and the true cost of ownership is routinely S$80,000 to S$150,000 wider than buyers expect. This reference guide closes that gap. Every cost category is defined, the current rates cited from primary sources, and the numbers modelled against a realistic S$1.5 million resale condo purchase so you can transpose the logic directly to your own scenario.
The regulatory framework governing condo purchase costs
Singapore's property transaction costs are governed by a layered set of rules across multiple agencies. The Monetary Authority of Singapore sets loan-to-value (LTV) limits and total debt servicing ratio (TDSR) thresholds that determine how large a bank loan you can take — and therefore how much cash and CPF you must contribute upfront. As of 2026-06, the maximum LTV for a first housing loan from a bank is 75% of the lower of the purchase price or the bank's valuation, meaning buyers must fund at least 25% themselves. Of that 25%, a minimum of 5% must be paid in cash; the remaining 20% may come from CPF Ordinary Account (OA) savings. See the MAS Guidelines on Responsible Lending for the full LTV framework.
The Inland Revenue Authority of Singapore (IRAS) administers Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD). BSD is payable on every residential property purchase; ABSD is layered on top for second and subsequent purchases or for non-citizens buying any residential property. The CPF Board governs how much of your CPF OA may be used, with the CPF Housing Usage rules setting the Valuation Limit and Withdrawal Limit for each property. Understanding these three regulatory bodies — MAS, IRAS, and CPF — is the starting point for any accurate budget.
Resale versus new launch: why the cost timeline differs
For resale condos, almost all upfront costs fall due within 8–12 weeks of the Option to Purchase date. For new launches sold under a Building Under Construction (BUC) loan, the developer collects payments progressively as construction milestones are hit — foundation, structural frame, roof, windows, fittings, and finally the Temporary Occupation Permit (TOP). BSD and ABSD on a new launch are still payable within 14 days of signing the Sales and Purchase Agreement regardless of the BUC schedule, so buyers must have stamp duty cash available even if the unit is years from completion. This guide covers resale in the primary cost table and notes new launch differences where the amounts or timing diverge materially.
Buying a condo in Singapore involves far more than the purchase price. Between stamp duties, legal fees, agent commissions, renovation, fire insurance, and ongoing maintenance charges, the true cost of ownership can exceed the sticker price by 10–15% before you have slept a single night in the unit. This guide itemises every cost you will encounter — upfront and recurring — for both new launch and resale condominiums, with a fully worked example at S$1.5 million so you can see exactly where every dollar goes.
Use our Total Cost Calculator to build your own personalised cost breakdown, or our Stamp Duty Calculator for instant BSD and ABSD figures.
Overview: The Four Cost Layers
Condo purchase costs fall into four distinct layers. Understanding which layer each cost belongs to helps you plan your cash flow — particularly the distinction between costs you pay at signing, at legal completion, and only after you take possession.
| Layer | When Due | Typical Range | Payable From |
|---|---|---|---|
| 1. Transaction costs — stamp duties, legal fees, agent commission, valuation | Signing to completion (14 days – 10 weeks) | 4–7% of purchase price | Cash + CPF OA |
| 2. Financing costs — mortgage stamp duty, property valuation, fire insurance | At loan disbursement | S$1,000–S$2,000 | Cash |
| 3. Move-in costs — renovation, furniture, moving | After TOP / completion | S$30,000–S$120,000+ | Cash |
| 4. Recurring ownership costs — maintenance fee, property tax, insurance, mortgage | Monthly / annually | S$1,500–S$4,000+/month | Cash + CPF OA |
Most buyers focus almost entirely on Layer 1 when budgeting. Layers 3 and 4 are where the surprises emerge — especially for new launch buyers who receive a bare unit and face renovation bills on top of ongoing mortgage repayments.
Complete Upfront Cost Breakdown for a S$1.5M Resale Condo
The table below covers every cost item for a Singapore Citizen buying a S$1.5 million resale condominium as their first property with a 75% bank loan (S$1,125,000 loan). ABSD is zero for a first-time SC buyer.
| Cost Item | Basis | Amount | Notes |
|---|---|---|---|
| Option-to-Purchase (OTP) exercise fee | 1% of purchase price (typically) | S$15,000 | Paid at OTP exercise; credited toward downpayment |
| Remaining downpayment (cash component) | 5% of price minus OTP fee (minimum cash) | S$60,000 | Must be cash — cannot use CPF for this tranche |
| CPF OA downpayment | Up to 20% of price (if first property, 75% LTV) | up to S$300,000 | Drawn from CPF OA at completion; accrued interest applies |
| Buyer's Stamp Duty (BSD) | Progressive 1–5% on S$1.5M | S$44,600 | CPF OA or cash; due within 14 days of S&P signing |
| Additional Buyer's Stamp Duty (ABSD) | 0% for SC first property | S$0 | SC second property: 20% = S$300,000; PR first: 5% = S$75,000 |
| Legal / conveyancing fees (buyer's lawyer) | Scale + disbursements | S$2,500–S$4,000 | Cash; covers SLA registration, title search, requisitions |
| Mortgage stamp duty | 0.4% of loan amount, capped at S$500 | S$500 | Cash; paid on loan instrument; cap reached at S$125,000+ loan |
| Property valuation fee | Per valuation report | S$300–S$600 | Cash; required by bank before loan approval |
| Buyer's agent commission | Typically 1% of price + 9% GST | ~S$16,350 | Cash; negotiable; not mandatory but typical in resale market |
| Home contents insurance (first year) | Annual premium | S$200–S$600 | Optional but strongly recommended |
| Fire insurance (compulsory for mortgaged properties) | Annual premium | S$100–S$300 | Cash; required by bank; covers structure only |
BSD Calculation for S$1.5M
| Tranche | Rate | Duty |
|---|---|---|
| First S$180,000 | 1% | S$1,800 |
| Next S$180,000 (up to S$360,000) | 2% | S$3,600 |
| Next S$640,000 (up to S$1,000,000) | 3% | S$19,200 |
| Next S$500,000 (up to S$1,500,000) | 4% | S$20,000 |
| Total BSD | S$44,600 | |
Recurring Ownership Costs
Once you own the condo, the following costs recur monthly, quarterly, or annually. These are often underestimated in the initial budget — particularly by first-time buyers who have come from HDB flats where service and conservancy charges are much lower.
| Cost Item | Frequency | Typical Range | Notes |
|---|---|---|---|
| Mortgage instalment | Monthly | Depends on loan size and rate | At 3.5% over 25 years on S$1.125M loan: ~S$5,600/month |
| MCST maintenance fee | Monthly | S$300–S$800+ | Higher for developments with 50m pool, gym, multiple lifts; paid to Management Corporation |
| Sinking fund contribution | Monthly (included in MCST) | 10–30% of maintenance fee | Reserve fund for major structural repairs; set by MCST AGM |
| Property tax (owner-occupied) | Annual | S$3,600–S$12,000+ depending on Annual Value | Progressive rates on Annual Value; first S$8,000 AV taxed at 0% for owner-occupiers |
| Fire insurance | Annual | S$100–S$300 | Compulsory for mortgaged properties; covers structure/fixtures not contents |
| Home contents insurance | Annual | S$200–S$600 | Covers personal belongings, renovations, liability; strongly recommended |
| Utilities (electricity, water, gas) | Monthly | S$150–S$350 | Higher for larger units; varies with Open Electricity Market supplier and usage |
| Air-conditioning servicing | Quarterly | S$100–S$200/service | Typical quarterly maintenance contract for 3–4 fan coil units |
| General maintenance / repairs | Ad hoc | S$500–S$2,000/year | Plumbing, electrical, repainting after 3–5 years; budget 0.5–1% of property value annually |
New Launch vs Resale: Cost Comparison
While the stamp duties are identical for both purchase types, new launches and resale condominiums differ significantly in financing structure, renovation needs, and timing of cash outflows.
| Cost Factor | New Launch (BUC) | Resale Condo |
|---|---|---|
| BSD / ABSD | Same rates apply | Same rates apply |
| Downpayment timing | Progressive — spread over 3–5 year construction period | Lump sum at completion (~10–12 weeks after OTP) |
| Legal fees | S$2,800–S$4,200 (developer's lawyers often do conveyancing) | S$2,500–S$4,000 (buyer appoints own lawyer) |
| Agent commission | Usually nil — developer pays agent; buyer pays nothing | Typically 1% + GST (~S$16,350 on S$1.5M) |
| Valuation fee | Not required for new launches (developer sets price) | S$300–S$600 required by bank |
| Renovation | Bare unit — full renovation S$30,000–S$80,000 typical | Often partially renovated — S$20,000–S$120,000 depending on condition |
| Renovation timing | After TOP — can be planned years in advance | Can begin shortly after completion |
| Move-in readiness | 3–5 years after purchase; must rent in the interim | Within weeks of completion |
| Interim rental cost | S$3,000–S$6,000/month for equivalent rental unit | Nil — immediate occupation |
| Defects liability | 12-month defects liability period; developer rectifies | Buyer assumes all existing defects from completion |
| Maintenance fee | Often lower in first years (newer facilities, smaller sinking fund) | Established MCST with known track record |
| Cash flow during construction | Progressive payments — lower peak cash outflow | Full outflow at completion — higher immediate cash requirement |
Worked Example: S$1.5M Resale — Singapore Citizen, First Property
Meet Hui Shan, 33, Singapore Citizen, buying a S$1.5M resale 3-bedroom condo in District 19 as her first and only residential property. Bank loan: S$1,125,000 (75% LTV) at 3.5% p.a. over 25 years. CPF OA balance at completion: S$220,000. The full cost tally from signing to first month of occupancy:
At OTP Exercise (Day 0)
| Item | Amount | Source |
|---|---|---|
| OTP exercise fee (1%) | S$15,000 | Cash |
Within 14 Days of S&P Signing (Week 2)
| Item | Amount | Source |
|---|---|---|
| Buyer's Stamp Duty (BSD) | S$44,600 | CPF OA |
| ABSD (0% — SC first property) | S$0 | — |
At Legal Completion (~10 Weeks After OTP)
| Item | Amount | Source |
|---|---|---|
| Balance cash downpayment (5% − OTP = S$75,000 − S$15,000) | S$60,000 | Cash |
| CPF OA downpayment (20% of S$1.5M) | S$300,000 | CPF OA |
| Legal / conveyancing fees | S$3,200 | Cash |
| Mortgage stamp duty (capped at S$500) | S$500 | Cash |
| Property valuation fee | S$450 | Cash |
| Buyer's agent commission (1% + 9% GST) | S$16,350 | Cash |
| Fire insurance (first year) | S$180 | Cash |
Move-In Phase (Months 3–6 After Completion)
| Item | Amount | Source |
|---|---|---|
| Renovation (partial refresh — paint, flooring, kitchen update) | S$55,000 | Cash / renovation loan |
| Furniture and appliances | S$18,000 | Cash |
| Moving costs | S$500 | Cash |
Full Cost Summary
| Category | Total |
|---|---|
| Purchase price | S$1,500,000 |
| BSD | S$44,600 |
| ABSD | S$0 |
| Legal fees + mortgage stamp + valuation | S$4,150 |
| Agent commission | S$16,350 |
| Insurance (first year) | S$180 |
| Renovation + furniture + moving | S$73,500 |
| Total all-in cost (excl. mortgage interest) | S$1,638,780 |
| Costs above purchase price | S$138,780 (9.25% of price) |
On top of this, Hui Shan will pay approximately S$5,600/month in mortgage instalments (from CPF OA plus some cash top-up), S$450/month in MCST maintenance fees, and S$300–S$600/month in property tax, utilities, and insurance over the full holding period. Use our Total Condo Carrying Cost Guide to model the 10- and 20-year cost of ownership including accrued CPF interest.
Worked Example: S$1.2M New Launch — Singapore Citizen, First Property (Progressive Payment Scheme)
Meet Darren, 29, Singapore Citizen, buying a S$1.2M 2-bedroom new launch (BUC — Building Under Construction) as his first property. Bank loan: S$900,000 (75% LTV). Expected TOP: 4 years from purchase. The Progressive Payment Calculatorprogressive payment schedule under the standard URA timeline:
| Stage | % of Price | Amount | Cumulative Paid | Notes |
|---|---|---|---|---|
| Booking fee (OTP exercise) | 5% | S$60,000 | S$60,000 | Cash only — CPF not permitted at booking |
| S&P Agreement signing (within 8 weeks of OTP) | 15% | S$180,000 | S$240,000 | BSD also due within 14 days of S&P; CPF or cash |
| Foundation completion | 10% | S$120,000 | S$360,000 | Bank loan disbursed progressively from here |
| Concrete framework | 10% | S$120,000 | S$480,000 | — |
| Partition walls | 5% | S$60,000 | S$540,000 | — |
| Ceiling, roofing, and external walls | 5% | S$60,000 | S$600,000 | — |
| Doors, windows, electrical, plumbing | 5% | S$60,000 | S$660,000 | — |
| Car park and common facilities | 5% | S$60,000 | S$720,000 | — |
| Temporary Occupation Permit (TOP) | 25% | S$300,000 | S$1,020,000 | Largest single milestone payment |
| Certificate of Statutory Completion (CSC) | 15% | S$180,000 | S$1,200,000 | Final payment; title transfer |
Additional One-Time Costs
| Item | Amount | Timing |
|---|---|---|
| BSD (on S$1.2M) | S$32,600 | Within 14 days of S&P signing; CPF or cash |
| ABSD (0% — SC first property) | S$0 | — |
| Legal / conveyancing fees | S$2,800–S$3,500 | At S&P signing; cash |
| Mortgage stamp duty (capped) | S$500 | At loan disbursement; cash |
| Agent commission | S$0 | Developer-paid for new launches |
| Full renovation (bare unit) | S$55,000–S$75,000 | After TOP |
| Furniture and appliances | S$15,000–S$25,000 | After TOP |
| Moving costs | S$300–S$600 | After TOP |
| Interim rental (4 years while waiting for TOP) | S$168,000–S$240,000 | Monthly during construction; often overlooked |
5 Hidden Costs Buyers Frequently Miss
7 Practical Tips to Manage Purchase Costs
- Get an in-principle approval (IPA) before viewing. Knowing your exact loan quantum prevents you from falling in love with a unit outside your financing capacity and avoids wasted legal and valuation fees on an abortive deal.
- Pay BSD in cash if you can. Paying BSD from cash rather than CPF saves you the accrued interest on that lump sum. On a S$44,600 BSD held in CPF for 10 years, the interest cost is over S$12,000. Preserve CPF for the downpayment where the benefit is larger.
- Negotiate agent commission on resale. The "standard" 1% + GST is a convention, not a regulation. In a buyer's market, or if you are transacting a high-value property or buying without viewing assistance, commission is negotiable. Even 0.5% saves S$8,175 on a S$1.5M purchase.
- Compare conveyancing fee quotes. Legal fees for conveyancing vary between law firms. Get two or three quotes from CEA-registered firms. A difference of S$500–S$800 is common for the same work.
- Plan renovation before TOP, not after. For new launches, you have 3–5 years to save for renovation. Set up a dedicated renovation savings fund from the month you sign the S&P Agreement so the renovation bill does not disrupt your mortgage cash flow at TOP.
- Check the MCST financials at viewing. Request the last two AGM minutes and the latest management accounts. A depleted sinking fund or pending special levy is a negotiation point — or a reason to walk away.
- Use the Total Cost Calculator before signing any OTP. Run the numbers for your exact price, profile, and loan parameters. The calculator includes BSD, ABSD, legal fees, agent commission, mortgage stamp duty, and can be adjusted for renovation budget to give you a true all-in figure.
Frequently Asked Questions
What is the total cash I need upfront to buy a S$1.5M condo as a first-time SC buyer?
Assuming a 75% bank loan (S$1,125,000), you need: 5% minimum cash downpayment (S$75,000), legal fees (~S$3,200), mortgage stamp duty (S$500), valuation fee (~S$450), agent commission if applicable (~S$16,350), and first-year fire insurance (~S$180). That totals approximately S$95,700 in cash at or before completion, not including renovation. BSD (S$44,600) can be paid from CPF OA. If your CPF OA covers BSD plus part of the 20% downpayment, you need proportionally less cash. Always verify your projected OA balance at the expected completion date using the CPF portal.
Can I avoid paying agent commission as a buyer?
For new launches, yes — the developer pays all agent commissions and you pay nothing as the buyer. For resale condominiums, you are not legally obligated to engage a buyer's agent and can transact directly, paying no commission. However, engaging an agent provides access to negotiation support, access to listings, due diligence checks, and coordination with the seller's agent. If you do engage an agent, commission is negotiable — the CEA does not set fixed rates, and 0.5–1% + GST is the market range. For a S$1.5M purchase, the difference between 0.5% and 1% is S$8,175 including GST.
How much should I budget for renovation on a new launch vs resale?
New launches deliver bare units with basic fittings — typically just tiling, bathroom fixtures, and kitchen cabinets without appliances. A functional 2-bedroom renovation (hacking, flooring, carpentry, feature wall, kitchen appliances, lighting) typically runs S$30,000–S$60,000. For a 3-bedroom with premium finishes, expect S$60,000–S$80,000 or more. Resale condos vary enormously — if the previous owner renovated recently, you may need only S$20,000–S$30,000 for cosmetic updates. A gut renovation of a dated resale unit (replumbing, rewiring, full hacking) can reach S$80,000–S$120,000. Always engage a licensed contractor and get three quotes.
Is the mortgage stamp duty really capped at S$500?
Yes. The mortgage stamp duty is 0.4% of the loan amount, capped at S$500 under the Stamp Duties Act. This cap is reached on any loan above S$125,000 (0.4% × S$125,000 = S$500). For any private condo mortgage — which will almost always exceed S$125,000 — you pay a flat S$500 regardless of loan size. This is paid in cash to IRAS within 14 days of loan execution, and is separate from BSD/ABSD which are paid on the purchase instrument.
What is the difference between fire insurance and home contents insurance?
Fire insurance (also called building/structure insurance or mortgagee interest insurance) is compulsory for all mortgaged properties. It covers the structural shell of the unit — walls, floor slab, ceiling, embedded wiring and plumbing — against fire, lightning, and related perils. It does not cover your furniture, personal belongings, or renovation works. Home contents insurance is voluntary and covers your personal property, renovations, and in some policies, third-party liability for accidents in your unit. Both are strongly recommended; combined premiums for a condo typically run S$300–S$900/year.
Does the MCST maintenance fee count toward the Total Debt Servicing Ratio (TDSR)?
No. MCST maintenance fees are not counted as debt obligations under the MAS TDSR framework. TDSR measures your monthly debt repayment obligations (mortgage, car loan, credit cards, personal loans, student loans) as a share of gross monthly income — the cap is 55%. Maintenance fees, property tax, and utilities are ownership costs but not debt, so they are excluded from TDSR calculations. However, they are very real cash commitments and should be factored into your personal affordability assessment even if they are invisible to the bank.
Every cost itemised: definitions, rates, and a S$1.5M worked example
The table below lists every cost in the order it typically falls due. All figures use a S$1.5 million resale condo, first-time Singapore Citizen buyer, bank loan at 75% LTV (loan of S$1,125,000), and a property with an Annual Value of S$24,000 for property tax purposes (as of 2026-06). Use the Total Cost of Ownership Calculator to model your own figures.
| Cost Item | Rate / Rule | Illustrative Amount (S$1.5M) | Cash or CPF? |
|---|---|---|---|
| Option Fee (1%) | Typically 1% of price; becomes part of downpayment on exercise | S$15,000 | Cash only |
| Exercise of Option (4% top-up) | Brings cash portion to 5% minimum at exercise (14 days from grant date); balance to reach 25% can be CPF OA | S$60,000 | Cash (4%) + CPF (up to 20%) |
| Full downpayment (25% total) | 5% cash + 20% cash or CPF OA; MAS LTV cap 75% for bank loans | S$375,000 | S$75,000 cash + S$300,000 CPF/cash |
| Buyer's Stamp Duty (BSD) | Tiered: 1% on first S$180k, 2% next S$180k, 3% next S$640k, 4% next S$500k, 5% next S$1.5M, 6% above S$3M. Due within 14 days of SPA/OTP. See IRAS BSD guide. | S$44,600 | Cash or CPF OA |
| ABSD — Singapore Citizen, 1st property | 0% for Singapore Citizens buying their first residential property | S$0 | N/A |
| ABSD — Singapore Citizen, 2nd property | 20% of purchase price (as of 2026-06); must be paid in cash — CPF cannot be used for ABSD | S$300,000 | Cash only |
| ABSD — Singapore PR, 1st property | 5% of purchase price (as of 2026-06) | S$75,000 | Cash only |
| ABSD — Foreigners (any property) | 60% of purchase price (as of 2026-06); FTA nationals (USA, Iceland, Liechtenstein, Norway, Switzerland) treated as Singapore Citizens on 1st purchase | S$900,000 | Cash only |
| Legal / conveyancing fees | Typically S$2,500–S$3,500 for a resale condo; includes SPA review, title search, CPF housing charge, and completion. Disbursements add S$200–S$500. | S$3,200 | Cash or CPF OA |
| Mortgage Stamp Duty | 0.4% of the loan amount, capped at S$500. Paid at completion alongside legal fees. | S$500 | Cash |
| Bank valuation fee | S$300–S$800 depending on lender and property value; some banks waive this for full-panel valuers | S$500 | Cash |
| Mortgage processing / application fee | S$0–S$1,000; many banks waive for salaried borrowers meeting income thresholds | S$0 (often waived) | Cash |
| Agent commission (buyer's side) | For resale condos, the seller typically pays both agents (combined 1–2%). Buyer's agent is normally seller-funded. For new launches, the developer pays all agent commissions. | S$0 (seller-funded) | N/A |
| Fire insurance (mandatory) | Required by all banks for mortgaged properties. Annual premium S$100–S$200; covers reinstatement cost of structure, not contents. | S$150 / year | Cash |
| Mortgage insurance (optional) | Mortgage Reducing Term Assurance (MRTA) or level-term life cover. Protects dependants if borrower dies or is critically ill. Budget S$1,000–S$3,000 / year for a healthy borrower in their 30s. | S$1,800 / year | Cash or CPF OA |
| Home contents insurance (optional) | Covers furniture, appliances, and belongings against theft, fire, and flood. Annual premiums S$150–S$500. | S$250 / year | Cash |
| MCST maintenance fee (monthly) | Paid to the Management Corporation Strata Title for shared facilities. Ranges from S$200/month (basic mid-tier) to S$1,500+/month (large luxury units). Average for a 2-bedroom at S$1.5M: S$400–S$500/month. | S$450 / month | Cash |
| Property tax (annual) | Owner-occupier rates: 0% on first S$8,000 of Annual Value, 4% on next S$47,000, then progressive up to 16%. Non-owner-occupier rates start at 10%. See IRAS Property Tax Rates. | ~S$680 / year (AV S$24,000) | Cash |
| Renovation and furnishing | Resale cosmetic refresh S$30,000–S$60,000; full ID renovation S$80,000–S$180,000+. New launches (bare units): S$50,000–S$120,000. Renovation loan: up to 6x monthly salary, capped S$30,000, at ~5–7% p.a. | S$60,000–S$100,000 | Cash (or reno loan) |
| Moving costs | Professional movers: S$500–S$2,000 depending on volume and floors | S$1,000 | Cash |
| Total upfront cash + CPF (excl. renovation, 1st-time SC) | ~S$423,800 | S$79,200 cash + S$344,600 CPF/cash |
BSD computed at tiered IRAS rates: 1% × S$180,000 + 2% × S$180,000 + 3% × S$640,000 + 4% × S$500,000 = S$1,800 + S$3,600 + S$19,200 + S$20,000 = S$44,600. All amounts indicative (as of 2026-06); verify with your conveyancing lawyer.
New launch: how the Building Under Construction payment schedule changes the maths
Under the standard BUC progressive payment scheme, the developer collects a series of payments tied to construction milestones rather than a single lump sum at completion. The typical breakdown for a freehold new launch (as of 2026-06) is: booking fee 5% (Option to Purchase), exercise 15% (within 8 weeks), foundation 10%, reinforced concrete framework 10%, partition walls 5%, ceiling and roofing 5%, doors/windows/electrical/plumbing 5%, car park/roads/drainage 5%, TOP 25%, and Legal Completion 15%. BSD and ABSD remain due within 14 days of the Sales and Purchase Agreement — before any construction has commenced — so you must have S$44,600 (BSD, first-time SC on S$1.5M) available in cash or CPF at signing. The advantage is that your renovation budget is not needed until TOP, typically 3–5 years after purchase. Explore price trends by district at the Singapore Property Price Heatmap to understand where values have moved.
BSD and ABSD rates at a glance (as of 2026-06)
Buyer's Stamp Duty applies to all residential purchases. Use the Stamp Duty Calculator for an instant figure. The tiered BSD rates per the IRAS BSD guide are: first S$180,000 at 1%; next S$180,000 at 2%; next S$640,000 at 3%; next S$500,000 at 4%; next S$1,500,000 at 5%; amount exceeding S$3,000,000 at 6%. ABSD rates: Singapore Citizen first purchase 0%; SC second purchase 20%; SC third and subsequent 30%; SPR first purchase 5%; SPR second purchase 30%; SPR third and subsequent 35%; Foreigners 60%; entities 65%. FTA nationals (USA, Iceland, Liechtenstein, Norway, Switzerland) are treated as Singapore Citizens for ABSD on the first purchase only.
Step by step
- Run the numbers before viewing any unit. Use the Affordability Calculator to determine your maximum purchase price given your income, existing liabilities, and CPF balance. This sets a hard ceiling before you begin browsing.
- Check your TDSR headroom. Banks cap total monthly debt obligations at 55% of gross monthly income. Factor in car loans, personal loans, and credit card minimums. Use the Mortgage Calculator to verify that the monthly instalment for a given loan amount fits within that ceiling.
- Identify your buyer profile for ABSD. Confirm your citizenship status, count existing residential properties in Singapore, and check whether any properties are held through a trust or company (entities pay 65% ABSD). Married couples with one SC partner purchasing their first property jointly qualify for the SC rate.
- Budget BSD and ABSD as cash items on day one. Both stamp duties are payable within 14 days of signing the OTP or SPA. For a S$1.5M first-time SC purchase, BSD of S$44,600 must be liquid immediately — it cannot come from the mortgage drawdown.
- Obtain an in-principle approval from at least two banks before making an offer. Lock in the rate type, the lock-in period, and any cash rebates or legal subsidies (some banks offer S$1,500–S$2,500 towards conveyancing fees).
- Engage a conveyancing lawyer before signing anything. The lawyer will conduct title searches, verify outstanding CPF charges from the existing owner, and confirm there are no caveats or encumbrances. Legal fees for a resale condo are typically S$2,500–S$3,500 all-in; disbursements add roughly S$300–S$500.
- Separate your renovation budget from your purchase budget. Renovation costs for a resale condo can reach S$100,000 or more and cannot be paid from CPF or the mortgage. Verify the unit's condition during the option period — check for water seepage, original wiring, dated piping, and structural restrictions imposed by the MCST.
- Request the MCST maintenance fee schedule before exercising the option. Ask for the last two years of MCST minutes to check for upcoming major repair levies such as lift replacements or facade waterproofing, which can trigger special contributions of S$5,000–S$20,000 per unit.
- Factor in the sinking fund top-up at completion. When purchasing a resale unit, you pay a pro-rata sinking fund contribution to the MCST, typically 1–3 months of the maintenance fee — budget S$1,000–S$2,000 at completion.
- Total your true cash required before committing. Sum: 5% cash downpayment + BSD + ABSD (if applicable) + legal fees + valuation fee + fire insurance premium + first month MCST fee + renovation deposit. Use the Total Cost of Ownership Calculator to produce a complete line-item budget before signing.
Frequently asked questions
Can I use CPF to pay Buyer's Stamp Duty and legal fees?
Yes, CPF Ordinary Account savings can be used to pay BSD and conveyancing legal fees on the purchase of a private residential property, provided the CPF Withdrawal Limit for that property has not been reached. ABSD, however, must be paid entirely in cash — CPF cannot be applied to Additional Buyer's Stamp Duty under any circumstances. This is a critical distinction for second-property buyers: a Singapore Citizen purchasing a S$1.5M second condo must source S$300,000 in cash for ABSD alone, entirely separate from the downpayment and BSD. Confirm your CPF OA balance and applicable withdrawal limit via the CPF Housing Usage portal before committing to any offer.
For a new launch, exactly when do I pay BSD and ABSD?
BSD and ABSD are payable within 14 days of executing the Sales and Purchase Agreement for a new launch, not at the point of receiving keys or reaching TOP. This means stamp duties fall due before any construction milestone has been reached — often several years before you move in. For a S$1.5M new launch purchase, a first-time Singapore Citizen must pay S$44,600 in BSD within two weeks of signing the SPA. A second-property SC must also pay S$300,000 in ABSD within that same 14-day window. IRAS charges late interest at 6% per annum from the due date. Budget stamp duties as immediately liquid before you book any unit at a new launch showflat.
Is the buyer's agent commission always free for the buyer in Singapore?
For the vast majority of resale condo transactions in Singapore, the seller pays both the listing agent and the buyer's co-broking agent, with combined commissions typically at 1–2% of the purchase price, so the buyer pays nothing. However, this arrangement should always be confirmed in writing at the outset. There is no legal prohibition on a buyer agreeing to fund their own agent separately. For new launches, the developer funds all agent commissions and the buyer pays nothing. Where an exclusive buyer's agent agreement has been signed and the seller declines to pay a co-broke fee, the buyer may be contractually liable for the amount in that engagement letter. Always read and clarify agent agreement terms before signing any engagement document.
What is the Annual Value used for property tax, and how is it assessed?
Annual Value (AV) is the estimated gross annual rent the property would fetch if rented out unfurnished, as assessed by IRAS. It is not a fixed percentage of the purchase price — IRAS derives AV from comparable rental transactions in the same development or district and reviews it periodically. For a S$1.5M two-bedroom condo, AVs commonly range from S$18,000 to S$30,000 depending on location and unit size. Owner-occupiers benefit from preferential tax rates: the first S$8,000 of AV is taxed at 0%, the next S$47,000 at 4%, rising progressively. Non-owner-occupier rates start at 10% on the first S$30,000 of AV and escalate to 20% above S$90,000. You can view and formally dispute your AV via the IRAS myTax Portal.
How much should I budget for ongoing monthly costs after moving in?
For a S$1.5M condo financed with a 75% LTV bank loan at a blended rate of approximately 3.5% over 25 years (as of 2026-06), the monthly mortgage repayment is roughly S$5,600. Add MCST maintenance fees of S$400–S$600, property tax accrued monthly (approximately S$57 for the S$24,000 AV owner-occupier scenario), fire insurance (~S$13/month), and optional mortgage insurance (~S$150/month). Total ongoing housing costs therefore sit in the range of S$6,200–S$6,400 per month before utilities. Verify your personal loan repayment using the Mortgage Calculator and cross-check affordability against your income with the Total Cost of Ownership Calculator to see the full 25-year cost picture including stamp duties and maintenance charges.